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    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Gov’t looking for money to clean-up Savings and Loans sector next – Nana Otuo Acheampong

byBobbie Osei
June 3, 2019
in Banking And Finance, Economy, Local Economy
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Following the recent clean-up exercise in Ghana’s microfinance sector, Citi business News is learning that government is preparing to make money available for the Bank of Ghana to start cleaning the Savings and Loans Sector.

Last week the Bank of Ghana announced the revocation of the licences of 192 insolvent microfinance companies. In addition, licenses of another 155 insolvent microfinance companies that have ceased operations have also been revoked.

Speaking to Citi Business News on the impact of the recent action by the Central Bank, Banking Consultant, Nana Otuo Acheampong said such steps to clean up the financial system will help in building confidence amongst the general public.

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“The application has gone to government for the release of GHC 7 Billion to resolve the Savings and Loans and Finance Houses. So as soon as government is able to give them the go ahead, they will start to resolve those sectors as well. With the benefit of hindsight the whole lot should have been done at the same time, but it was a question of money. Not ideal but what is been done is better than if nothing was done at all.  All the steps being taken should help in building confidence in the system.”

137 Microfinance companies left standing

Ghana currently has 137 microfinance companies in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday, May 31.

The central bank in a statement said the institutions whose licenses were revoked were either insolvent or had ceased operations.

The Bank of Ghana in the statement explained that new measures have been put in place to ensure that existing institutions remain structurally and administratively safe enough to continue with their businesses by complying with its regulations.

Thirty-Nine (39) microcredit institutions also had their licenses revoked by the central bank.

The BoG also disclosed that, as part of the other measures put in place to prevent the revocation of licenses of the microfinance companies in the future, the minimum capital requirements for the sector will be reviewed upwards.

The BOG also announced strict supervision of licensed institutions and enforcement of the regulatory requirements as well as introducing a proportional corporate governance and risk management directives.

31 microcredit companies to continue operations

Following the cleaning of the sector, a total of 31 microcredit companies will also continue to operate after the revocation of 39 microcredit companies.

GHc900 to sanitise microfinance sector

The BoG had earlier indicated that it had secured GHc900 million to begin sanitising the country’s struggling microfinance sector.

About 705,396 depositors of distressed or collapsed microfinance companies and rural and community banks (RCBs) risked losing some GHc740.5 million without some form of intervention.

The Governor of the BoG, Dr. Ernest Addison had also indicated that about GHc 7 billion will be needed for a full clean-up of the other deposit-taking institutions like the savings and loans companies.

 

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Unilever Ghana PLC remains upbeat about future growth prospects

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